The Facts about Pennsylvania Commercial Insurance

Commercial insurance terms and conditions are often misunderstood by even experienced business persons. Fortunately, Pennsylvania commercial coverages and quotes are not vastly different from Allentown to Pittsburgh to Harrisburg. It is important for business owners and managers to understand the components of commercial insurance coverage. Compare quotes carefully to understand your coverage.

Pennsylvania Commercial Auto Insurance

Liability insurance is mandatory. This protection covers your business for bodily injury and property damage resulting from auto accidents. First Party coverage (previously called Personal Injury Protection [PIP]) is also mandatory. This no-fault insurance covers you for medical bills you may incur, regardless of fault, in an auto accident. Collision, comprehensive and under-insured motorist coverage is optional, but recommended in most situations.

Pennsylvania Commercial General Liability Insurance (CGL)

CGL protects your company if it gets sued for bodily injury or property damage on your premises. Another feature is personal injury liability protection. This CGL coverage does not refer to physical injury, but to damage to another's character or reputation in printed matter (libel) or by oral defamation (slander).

Pennsylvania Commercial Property Insurance

This coverage protects against losses to your building, furniture, equipment, and inventory. While Allentown is not subject to higher losses than other parts of the U.S., the incidence of fire and other natural disasters require protection for your business "hard" assets.

Pennsylvania Workers Compensation

This protection covers your business for on-the-job injuries or work-related illnesses suffered by your employees. Be sure to compare quotes carefully, as this insurance is required and pricing changes drastically depending on your industry. If you are in a service business with office workers, your workers compensation cost will be much less than if your employees are working on offshore drilling rigs.

Pennsylvania Business Owner Package (BOP)

A BOP is a package that combines CGL and business property coverage. You may enjoy some cost savings by bundling and packaging this coverage. Be careful to ensure that you are protected for the most important components of these two crucial coverage areas.